Bolivian senators evaluate nationalisation of cement company

Bolivian senators evaluate nationalisation of cement company
Published: 12 August 2010

The Planning, Economic Policy and Finance Commission of the Bolivian Senate today assesses a bill for the nationalisation of the Fábrica Nacional de Cemento Sociedad Anónima (FANCESA).



The Chairman of this committee, David Sanchez, reported that the legislative body discusses the proposal by senator of the opposition Progress Plan for Bolivia, Gerald Ortiz.



The Planning Commission will define this issue, after a measured analysis to determine whether the project is accepted or rejected, he said.



FANCESA ownership is between the Municipality of Sucre, the local university and the company Sociedad Boliviana de Cemento SA, but a few days ago there was a threat and attempt to remove the municipality from the group.



According to the information and documentation submitted, the ruling has gone against the agreement, because according to the Commercial Code is an infringement of the rights of the joint owners, in this case the Municipality and University, said Sanchez.

The legislator explained that if the plan is rejected by the Commission for any reason, the report should be sent to the full Senate for consideration.